The Petrodollar, which is probably the most important economic concept that the vast majority of Americans are completely ignorant of, is on its way out. Saudi Prince Mohammed bin Salman has refused to renew his nation’s agreement to sell oil in dollars with the United States, and the potential repercussions on the U.S. economy could be catastrophic.
Jimmy discusses how the petrodollar allows the United States to sanction other nations, which serves only to drive other countries to want to abandon the dollar.
Source: https://thephaser.com/2024/06/saudi-arabia-abandons-petrodollar/
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